Liberals are liberals no matter where in the world they are. If they’re in charge of a state in the U.S., they’ll increase luxury taxes on yachts, spend the extra revenue they projected as a result of the increase and then after the tax haul drops significantly, wonder why everybody went to a different state to buy their boats. Liberal theories are created in static environments (university classrooms, for example, where they can make anything work out just fine on the chalkboard) and never take into account human nature, because doing so throws a wrench into the works.

Another example of this happened in France after their prog president cranked up tax rates big time and yet was shocked to discover the tax haul was nowhere near what was projected:

The French government faces a 14bn-euro black hole in its public finances after overestimating tax income for the last financial year.

French President Francois Hollande has raised income tax, VAT and corporation tax since he was elected two years ago.

The Court of Auditors said receipts from all three taxes amounted to an extra 16bn euros in 2013.

That was a little more than half the government’s forecast of 30bn euros of extra tax income.

The Court of Auditors, which oversees the government’s accounts, said the Elysee Palace’s forecasts of tax revenue in 2013 were so wildly inaccurate that they cast doubt on its forecasts for this year.

It added the forecasts were overly optimistic and based on inaccurate projections.

What’s French for “DOH”? More lefty bureaucrats sacré bleu it big time.

The worst part of it is they never learn their lesson. Hollande’s “solution” will probably be to try to convince every other country in the world to have similar confiscatory tax rates so people have nowhere to flee, when in fact he just needs to admit he’s an idiot.

Comments

386465 Responseshttp%3A%2F%2Fdougpowers.com%2F2014%2F05%2F29%2Fwhoops-frances-revenue-projections-failed-to-take-into-account-that-the-wealthy-would-leave-the-country%2FWhoops%3A+France%27s+revenue+projections+failed+to+take+into+account+that+the+wealthy+would+leave+the+country2014-05-29+17%3A05%3A25Doug+Powershttp%3A%2F%2Fdougpowers.com%2F%3Fp%3D38646 to “Whoops: France’s revenue projections failed to take into account that the wealthy would leave the country”

Marshall_Will on
May 29th, 2014 5:10 pm

Arrrh Matey.., any sighting of the S.S Ketchup!? Keeps yer' eyes peeled. That crafty Thurston Heinz the 3rd may have run her aground..!

What progs don't realize is that anyone that actually HAS (a) business ( probably owns more! ) It's a natural extension of ( hush ) capitalism. In economic game/role playing, fleeing off the cuff taxes would only be described as being "a rational player". These guys have heard of Monopoly (TM) right?

ChapBix on
May 29th, 2014 7:05 pm

When the wealthy (some of whom are also liberals, socialists, etc.) act contrary to the liberals expectations, will the next liberal solution be to block all of the exits so the wealthy and anyone else opposed to paying confiscatory tax rates are unable to leave?

Marshall_Will on
May 29th, 2014 7:57 pm

Truly sad breakdown of OR's raising taxes in the middle of a recession. The passage of these really popular "millionaire taxes" ( at least popular w/ public employee's unions ) dropped us 8 places in its first 12 mos.http://www.valentineventures.com/blog/2011/12/the…

ChapBix on
May 30th, 2014 8:12 pm

I heard on the radio that Illinois is poised to pass a 3% tax millionaires on top of the existing income tax rates. Given France's and OR's experience with this foolishness, I would anticipate Illinois will also experience a serious shortfall in new revenue. And, surprise, IL legislators (the majority of whom are Democrats in both chambers) will have spent most or all of the new money .